The number of people employed in Ireland has reached 2 million for the first time since the peak of Ireland's housing boom in 2008, data showed on Tuesday, but the unemployment rate was revised upwards as the total labour force grew. Ireland's economy is expected to post the fastest economic growth in Europe for the third year in a row, but the rate of growth is easing. The country has a population of around 4.7 million.
After four years of steady falls from a post-crisis peak of 15 percent, Ireland's unemployment rate has plateaued, hovering between 8.3 and 8.4 percent since February, the revised data showed. The Central Statistics Office on Tuesday revised up the unemployment rate for each month from March to July, but economists said this was mainly due to a revision in the total number of people in the labour force. The statistics office on Tuesday reported its first year of net immigration since 2009.
Merrion Stockbrokers analyst Alan McQuaid described the employment numbers as better than expected and said he was expecting an average jobless rate this year of 8.3 percent, down from 9.5 percent last year. Finance Minister Michael Noonan also welcomed the numbers, saying in a statement that they showed the country continues to generate significant jobs growth.
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